Montecito Bank & Trust Buys 2,345 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Montecito Bank & Trust grew its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 6.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 41,344 shares of the network equipment provider’s stock after purchasing an additional 2,345 shares during the period. Montecito Bank & Trust’s holdings in Cisco Systems were worth $2,448,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. West Financial Advisors LLC increased its stake in shares of Cisco Systems by 116.6% in the third quarter. West Financial Advisors LLC now owns 574 shares of the network equipment provider’s stock valued at $31,000 after buying an additional 309 shares during the period. Highline Wealth Partners LLC boosted its position in shares of Cisco Systems by 76.7% during the fourth quarter. Highline Wealth Partners LLC now owns 599 shares of the network equipment provider’s stock valued at $35,000 after buying an additional 260 shares during the last quarter. Quarry LP lifted its position in shares of Cisco Systems by 222.4% during the 2nd quarter. Quarry LP now owns 661 shares of the network equipment provider’s stock worth $31,000 after buying an additional 456 shares in the last quarter. RPg Family Wealth Advisory LLC bought a new stake in Cisco Systems in the third quarter worth about $40,000. Finally, Decker Retirement Planning Inc. bought a new position in Cisco Systems during the fourth quarter worth about $49,000. Institutional investors own 73.33% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Citigroup upped their target price on Cisco Systems from $64.00 to $68.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Piper Sandler raised their target price on Cisco Systems from $52.00 to $57.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Barclays increased their price target on shares of Cisco Systems from $49.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 14th. StockNews.com upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating in a report on Thursday, November 14th. Finally, Wells Fargo & Company raised their price target on Cisco Systems from $57.00 to $60.00 and gave the company an “equal weight” rating in a report on Thursday, November 14th. Eight analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $61.50.

Cisco Systems Price Performance

Shares of CSCO opened at $62.23 on Friday. Cisco Systems, Inc. has a fifty-two week low of $44.50 and a fifty-two week high of $62.32. The firm has a 50-day simple moving average of $59.04 and a 200-day simple moving average of $53.86. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.80 and a current ratio of 0.88. The company has a market capitalization of $247.85 billion, a price-to-earnings ratio of 26.71, a price-to-earnings-growth ratio of 4.54 and a beta of 0.84.

Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings data on Wednesday, November 13th. The network equipment provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.04. Cisco Systems had a return on equity of 25.70% and a net margin of 17.73%. The firm had revenue of $13.84 billion during the quarter, compared to analysts’ expectations of $13.78 billion. During the same quarter in the prior year, the business posted $0.98 earnings per share. Cisco Systems’s revenue was down 5.6% compared to the same quarter last year. On average, equities research analysts anticipate that Cisco Systems, Inc. will post 2.97 earnings per share for the current year.

Cisco Systems Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 22nd. Investors of record on Friday, January 3rd were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.57%. The ex-dividend date of this dividend was Friday, January 3rd. Cisco Systems’s payout ratio is currently 68.67%.

Insider Transactions at Cisco Systems

In other Cisco Systems news, CEO Charles Robbins sold 171,744 shares of Cisco Systems stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $57.49, for a total transaction of $9,873,562.56. Following the transaction, the chief executive officer now directly owns 783,786 shares of the company’s stock, valued at $45,059,857.14. The trade was a 17.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Maria Victoria Wong sold 586 shares of the stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $58.69, for a total value of $34,392.34. Following the completion of the sale, the senior vice president now owns 50,767 shares of the company’s stock, valued at approximately $2,979,515.23. This trade represents a 1.14 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 353,522 shares of company stock worth $20,349,721 over the last ninety days. 0.01% of the stock is currently owned by corporate insiders.

Cisco Systems Company Profile

Cisco Systems, Inc designs, manufactures, and sells Internet Protocol based networking and other products related to the communications and information technology industry in the Americas, Europe, the Middle East, Africa, the Asia Pacific, Japan, and China. The company also offers switching portfolio encompasses campus switching as well as data center switching; enterprise routing portfolio interconnects public and private wireline and mobile networks, delivering highly secure, and reliable connectivity to campus, data center and branch networks; wireless products include wireless access points and controllers; and compute portfolio including the cisco unified computing system, hyperflex, and software management capabilities, which combine computing, networking, and storage infrastructure management and virtualization.